SingHaiyi Group began previewing its 515‑unit Vela Bay on April 11, marking the first private condominium launch in the new Bayshore precinct. The 99‑year leasehold development, jointly developed with Chuan Capital, attracted nearly 8,000 visitors over its opening weekend ahead of its official launch on April 25.
The project is the first private residential development in the 60ha Bayshore waterfront precinct, which is envisioned to deliver around 12,500 homes. Roughly 70% of the precinct will be dedicated to public housing, with the remainder set aside for private condominiums.
In March 2025, SingHaiyi Group and Haiyi Holdings — controlled by Gordon and Celine Tang — secured the site for $658.9 million, translating to $1,388 psf per plot ratio (ppr). At the time, this marked a record high for a 99‑year leasehold housing site in the Outside Central Region (OCR).
In comparison to recent government land sales (GLS) sites, Vela Bay’s land bid price fell short of the Tanjong Rhu Road GLS site within the Rest of Central Region (RCR) at $1,455 psf ppr and was slightly above the Bedok Rise GLS site at $1,330 psf ppr within the OCR.
Spanning 129,992 sq ft and comprising two 31-story towers, Vela Bay offers a mix of one-bedroom-plus-study units from 484 sq ft to five-bedroom apartments of 1,582 sq ft, alongside two penthouses of 1,765 sq ft each. About half of the units will enjoy uninterrupted sea views, with Bayshore MRT Station on the Thomson‑East Coast Line located at its doorstep and East Coast Park within walking distance.
Indicative prices start from above $1.2 million for a one‑bedroom‑plus‑study, over $1.4 million for a two‑bedroom and upwards of $2.2 million for a three‑bedroom. Four‑bedroom units are expected to start from above $3.1 million, while five‑bedroom units will be priced from about $4.5 million.
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The development is expected to receive its temporary occupation permit (TOP) in 2031.
Vela Bay enjoys close proximity to lifestyle and retail hubs such as Siglap Village, Parkway Parade, i12 Katong, and Bedok Mall, and therefore offers residents convenient access to dining, shopping, and everyday essentials. The development is also situated within 1km of Temasek Primary and Temasek Secondary School, while several other education institutions, including Bedok Green Primary, Tao Nan School, Victoria School and Temasek Junior College, are nearby.
Architecturally, Vela Bay draws inspiration from the sleek lines of luxury yachts, a reflection of its coastal setting. More than half of the units face the sea, while the interiors “balance efficiency with elegance”. Each residence is fitted with high‑end appliances from brands such as Miele, SMEG, Geberit and Newform, reinforcing the project’s upscale positioning and aesthetic appeal within the OCR.
